A local manufacturer, who deals with petroleum products, maintains his inventory record using

weighted average method. Assuming that the prices would go up$,$ he purchased the product on

different dates and stored it$,$ to be sold for a higher price. Below are the transactions that were

recorded by him in the month September $2022.$

$02-$Sep Purchased $1,200$ ltrs$.$  $5\mathrm{.}00$ pre ltr$.$

$05-$Sep Purchased $1,000$ ltrs$.$  .00 per ltr$.$

$08-$Sep Purchased $1,500$ ltrs$.$  $8\mathrm{.}00$ per ltr$.$

$13-$Sep Issued $2,000$ ltrs$.$ to production

$19-$Sep Purchased $1,200$ ltrs$.$  $7\mathrm{.}00$ per ltr$.$

$22-$Sep purchases $1,000$ ltrs$.$  .00 per ltr

$25-$Sep Issued $2,000$ ltrs$.$ To production

$28-$Sep Purchased $800$ ltrs$.$  $8\mathrm{.}00$ per ltr$.$

$30-$Sep Purchased $1,000$ ltrs$.$  $9\mathrm{.}00$ per ltr$.$

 

 

Please find the value of his closing inventory and value of the issues using weighted average

method.

Answer rating: 100% (QA)

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